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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Improperly Reversed Sale? Posted by Bill H on November 08, 2003 at 4:01 PM In Reply to: Improperly Reversed Sale? posted by SeanW on November 07, 2003 at 6:47 PM : Ward, what do you think of this situation? : Deed in name of H & W. : 1st and 2nd DOT in name of H & W. : H quitclaims the property to W. : 1st begins foreclosure proceedings against H & W. : W files bankruptcy. : 1st gets relief of stay. : H files bankruptcy. : Sale takes place. : Trustee reverses the sale. : #1 This happened to me, but I don't understand why the sale could be reversed, if H had no interest in the property anymore. : #2 If the husband's BK does produce a valid stay, why would the trustee conduct a sale, when the BK was ALREADY filed? Why not just postpone? I had assumed because the sale did take place, this BK was not going to be a problem. Sean: Looks simple to me. The note and deed of trust control..not the QCD. The husband can QCD or deed to whomever he wants. That does not remove him from the note and deed of trust and leaves him liable. One of the problems the Sub2 guys have is that they invest and then the owner declares BK, etc. Therefore I believe that the lender had not choice but to respect the husband's BK, rescind the sale and start the removal of the stay, etc. Then go forward with the sale. That's the way I see it. Bill H Follow Ups: Had To Think About That A While SeanW 8:18 PM, 11/08/03 (2) Re: Had To Think About That A While Rick Harmon 9:16 PM, 11/08/03 (1) Horse's Mouth SeanW 3:54 AM, 11/09/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, what do you think of this situation? : : Deed in name of H & W. : : 1st and 2nd DOT in name of H & W. : : H quitclaims the property to W. : : 1st begins foreclosure proceedings against H & W. : : W files bankruptcy. : : 1st gets relief of stay. : : H files bankruptcy. : : Sale takes place. : : Trustee reverses the sale. : : #1 This happened to me, but I don't understand why the sale could be reversed, if H had no interest in the property anymore. : : #2 If the husband's BK does produce a valid stay, why would the trustee conduct a sale, when the BK was ALREADY filed? Why not just postpone? I had assumed because the sale did take place, this BK was not going to be a problem. : Sean: : Looks simple to me. The note and deed of trust control..not the QCD. The husband can QCD or deed to whomever he wants. That does not remove him from the note and deed of trust and leaves him liable. One of the problems the Sub2 guys have is that they invest and then the owner declares BK, etc. Therefore I believe that the lender had not choice but to respect the husband's BK, rescind the sale and start the removal of the stay, etc. Then go forward with the sale. : That's the way I see it. : Bill H Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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